18 RESERVES Other reserves Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Reserve for own shares – (2,977) – (2,977) Statutory reserve 6,864 6,316 – – Capital reserve 443,183 461,233 – – 450,047 464,572 – (2,977) Reserve for own shares The reserve of the Company’s own shares comprises the cost of the Company’s share held by the Group. During the year, the Company cancelled 3,435,000 treasury shares amounting to $3.0 million. As at 31 December 2023, the Group held Nil (2022: 3,435,000) of the Company’s shares. Statutory reserve Statutory reserve comprises at least 10% of the statutory after tax profits as determined in accordance with the applicable PRC accounting standards and regulations, allocated to statutory reserve until the cumulative total of the reserve reaches 50% of the subsidiaries’ registered capital. Subject to approval from the relevant PRC authorities, the statutory reserve may be used to offset any accumulated losses or increase the registered capital of the subsidiaries. The statutory reserve is not available for dividend distribution to shareholders of the PRC subsidiaries. Capital reserve Capital reserve comprises mainly: (i) the difference between the paid up capital of the ordinary shares issued and the fair value of the initial acquisition; (ii) reserve arising from the non-reciprocal capital contribution made to a non-wholly owned subsidiary; (iii) reserves arising from the Group’s acquisition of non-controlling interests in subsidiaries; and (iv) equity component of convertible bonds of a non-wholly owned subsidiary (see note 12). Foreign currency translation reserve Foreign currency translation reserve comprises exchange differences arising from the translation of financial statements of foreign operations, share of currency translation reserve of foreign equity-accounted investees and exchange differences on monetary items which form part of the Group’s net investment on foreign operations, provided certain conditions are met. Dividends The following exempt (one-tier) dividends were declared by the Group and Company during the year: Group and Company 2023 2022 $’000 $’000 Declared by the Company to owners of the Company Interim dividend of 0.54 (2022: 0.20) Singapore cents per qualifying ordinary share 9,000 3,300 For the financial year ended 31 December 2023, an interim tax-exempt dividend of 0.54 Singapore cents (2022: 0.20 Singapore cent) per ordinary share was declared during the year. Notes to the Financial Statements Year ended 31 December 2023 196 PERENNIAL HOLDINGS PRIVATE LIMITED
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